The Hindu Business Line : EKO Vehicle to launch new electric scooter

BANGALORE: Bangalore-based EKO Vehicle Pvt Ltd is all set to launch its electric scooter EV 60, priced at Rs 39,600, next month, a top company official said on Thursday.

The company would commence export of battery-operated two-wheelers to the US market from January next year, EKO Vehicle Chairman, Mr Anil Ananthakrishna told reporters here.

The pollution-free EV 60 is priced at Rs 39,600 and slated for launch next month, he said.

Set up in January 2005, the company has so far sold more than 15,000 units of its first product under the brandnames Cosmic and Velociti. “We have orders to deliver (another) 1,00,000 units,'' he said.

Mr Ananthakrishna said the company would undertake a major expansion drive to raise its production capacity to 20,000 units a month next year. Currently, its contract manufacturing unit is located in Hyderabad.

“We plan to sell 1,00,000 electric scooters in 2009-10 nationally with projected sales revenue of Rs 300 crore,'' he said. The company, which now has annual revenue of Rs 25 crore, has 65 dealers in six States.

“We will set up a new manufacturing facility at Peenya or Shimoga,'' he said.

The products would also be manufactured at two franchisee locations in Maharashtra and Goa.

The company's expansion activity entails an investment of Rs 30 crore to Rs 50 crore, Mr Ananthakrishna said, adding, it is in discussions with angel investors to raise funds. The company would dilute its stake to the extent of 20 to 30 per cent to raise money.

The company would forge a joint venture in the US to address the market there, Mr Ananthakrishna said, adding it would start shipping the units from January next year.

He said the company has designed and developed a 10-15 minute rapid charging system which would be set up in selected parking locations in the cities and towns.

“A conventional battery charger needs anywhere between six to ten hours to charge a battery and the rapid charger, as the term indicates, does the same in 10-15 minutes for a 20AH power pack of a electric scooter replenishing 85 per cent to 90 per cent o f the battery capacity,'' he said. - PTI

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